Genesis | Crypto

The first block was mined and added to the Bitcoin ledger on January 3, 2009, by pseudonymous cryptographer Satoshi Nakamoto. The United States National Debt surged past $38.5 trillion on Saturday, as Bitcoiners celebrated “Genesis Day,” the day the first block was mined on the Bitcoin network by pseudonymous Bitcoin (BTC) creator Satoshi Nakamoto. US government debt at the time of this writing is about $38,561,900,451,378, according to the US National Debt Clock. “Lie, cheat, steal, and print relentlessly. It’s the playbook of fiat currency, and it weakens the money until confidence in that currency ultimately fails,” market analyst James Lavish said in response to the rising debt. Read more

Digital Currency Group (DCG) has sued its lending subsidiary Genesis, asking a bankruptcy court to confirm it is owed more than $105 million plus interest on a financial backstop extended during the 2022 crypto downturn. The case, filed on Aug. 14 in the U.S. Bankruptcy Court for the Southern District of New York, centers on […] The post DCG sues Genesis over promissory note debt amid bankruptcy challenges appeared first on CryptoSlate.

Genesis is seeking over $3.3 billion from DCG, Barry Silbert and affiliates in two lawsuits alleging fraud, insider enrichment and concealed transfers. Update May 20, 11:20 am UTC: This article has been updated with comments from DCG. Genesis has launched a pair of lawsuits against its parent company, Digital Currency Group (DCG), and its CEO, Barry Silbert, accusing them of fraud, reckless mismanagement and siphoning more than a billion dollars in value from the now-bankrupt crypto lender. On May 19, the Delaware Court of Chancery unsealed a complaint detailing how DCG allegedly used Genesis as a corporate ATM, draining funds through self-serving loans and concealed transfers while presenting a false image of financial health. Read more

Virtuals has introduced a new staking mechanism for its native token VIRTUAL, replacing passive holding incentives with a vote-escrowed structure that grants users veVIRTUAL. According to a May 13 post on X, veVIRTUAL holders will receive 20% of all Virgen Point emissions, which were previously distributed based on token holding. This move establishes veVIRTUAL as […] The post Virtuals debuts veVIRTUAL staking to boost rewards for Genesis launchpad users appeared first on CryptoSlate.